Nose For Silver

Investing in silver coins can be a smart way to diversify your portfolio or hedge against inflation, but not all silver coins are created equal. Some come with hidden pitfalls like high premiums, low liquidity, questionable authenticity, or suboptimal silver content that make them poor choices for most buyers—especially those focused on stacking for value rather than collecting rarities.

In this countdown, we’ll explore 11 silver coins you might want to steer clear of, starting from the least problematic and building up to the absolute worst. For each, I’ll break down why you should avoid it, its approximate current cost (as of August 14, 2025, with silver spot around $38.50/oz), and why someone might still be tempted to buy it anyway.

11. Jefferson War Nickel (1942-1945)

These nickels were minted during World War II with 35% silver to conserve nickel for the war effort.

• Reason to avoid: The silver content is disappointingly low at just 0.05626 troy ounces per coin, making it inefficient for silver stacking. Premiums are often high relative to the actual melt value, and they’re prone to wear, reducing any collectible appeal for investors seeking pure silver exposure.
• How much it will cost: Around $2.50 for an average circulated example.
• Reason why someone might buy it: The historical tie to WWII adds nostalgic value, making it appealing for history buffs or as an entry-level collectible rather than a serious investment.

10. 40% Silver Kennedy Half Dollar (1965-1970)

Introduced after the assassination of President John F. Kennedy, these halves transitioned from 90% silver to a clad composition with reduced silver.

• Reason to avoid: With only 40% silver (about 0.1479 troy ounces), you’re getting less bang for your buck compared to 90% or .999 fine coins. The premiums don’t justify the lower purity, and they’re often overlooked in favor of higher-content alternatives for stacking.
• How much it will cost: Approximately $6 for a circulated coin.
• Reason why someone might buy it: As a piece of mid-20th-century American history, it holds sentimental value for collectors interested in the Kennedy era or transitional coinage.

9. Chinese Silver Panda (2025)

This annual bullion coin from the People’s Bank of China features a changing panda design.

• Reason to avoid: At 30 grams (0.9645 troy ounces), it’s not a full ounce, which can complicate resale and stacking. High premiums and lower liquidity outside Asia make it less ideal for pure investment purposes.
• How much it will cost: About $45-$50 for a brilliant uncirculated example.
• Reason why someone might buy it: The adorable, annually updated panda designs make it a favorite among collectors who prioritize aesthetics over strict bullion value.

8. American Silver Eagle (2025)

The flagship U.S. silver bullion coin, minted by the United States Mint.

• Reason to avoid: It carries one of the highest premiums in the bullion market (often $5-$10 over spot), essentially turning it into a semi-collectible rather than a cost-effective way to acquire silver. For stacking, generic rounds or bars offer better value per ounce.
• How much it will cost: Around $44 for a brilliant uncirculated coin.
• Reason why someone might buy it: Backed by the U.S. government with legal tender status, it offers high recognition and liquidity, appealing to those who value trust and resale ease.

7. Morgan Silver Dollar (Common Date, e.g., 1881)

Named after designer George T. Morgan, these iconic dollars were minted from 1878-1904 and 1921.

• Reason to avoid: Common dates have numismatic premiums that don’t always hold up, and they’re often overhyped for their 90% silver content (0.7734 troy ounces). If you’re not chasing rare varieties, junk silver provides similar silver at a lower cost.
• How much it will cost: Approximately $35 for a circulated common date.
• Reason why someone might buy it: The classic design and Wild West era history make it a staple for numismatists building date sets or themed collections.

6. Peace Silver Dollar (Common Date, e.g., 1922)

Designed to commemorate peace after World War I, minted from 1921-1935.

• Reason to avoid: Like Morgans, common dates carry unnecessary premiums for their 90% silver, and liquidity can be spotty if not in high grade. Better options exist for pure silver accumulation without the collectible markup.
• How much it will cost: About $33 for a circulated common date.
• Reason why someone might buy it: Its symbolic peace theme and Art Deco design attract collectors focused on early 20th-century U.S. history.

5. Graded American Silver Eagle MS70 (2025)

A perfect-grade version of the popular bullion coin, certified by services like NGC or PCGS.

• Reason to avoid: The massive premium for the “perfect” MS70 grade (often double the ungraded price) is driven by slab fees and hype, but silver can tone over time, risking devaluation. It’s overkill for investors not obsessed with condition.
• How much it will cost: Around $65 for an MS70 example.
• Reason why someone might buy it: The certification guarantees perfection, making it ideal for registry sets or as a premium gift for serious collectors.

4. Mexican Silver Libertad (2025)

Mexico’s official silver bullion coin, featuring the Winged Victory statue.

• Reason to avoid: The 2025 edition has an extremely low mintage of just 300 for the 1 oz version, driving premiums sky-high and making it more of a rarity than a practical investment. Liquidity is poor, and counterfeits are common in the series.
• How much it will cost: Approximately $200 or more due to scarcity.
• Reason why someone might buy it: The elegant design and limited production appeal to collectors seeking exclusive, low-mintage pieces with cultural significance.

3. 1986 Statue of Liberty Silver Dollar

A commemorative coin issued for the Statue of Liberty’s centennial.

• Reason to avoid: As a modern commemorative, it suffers from high initial markups and low long-term appreciation potential. The 0.7734 troy ounces of 90% silver doesn’t justify the premium when compared to generic bullion.
• How much it will cost: About $35 for an uncirculated example.
• Reason why someone might buy it: It celebrates an iconic American symbol, making it a patriotic choice for thematic collections or as a historical memento.

2. Cleaned Walking Liberty Half Dollar (e.g., 1940s Dates)

Adolph A. Weinman’s stunning design, minted from 1916-1947.

• Reason to avoid: Cleaning strips away the natural patina, drastically reducing numismatic value and often leaving unsightly scratches or hairlines. For silver content alone (0.3617 troy ounces at 90%), uncleaned versions or other halves are better deals.
• How much it will cost: Around $15 for a cleaned circulated example.
• Reason why someone might buy it: The graceful Walking Liberty design is one of the most beautiful in U.S. coinage, attracting artists or those who prioritize visuals over condition.

1. Counterfeit Morgan Silver Dollar

Fakes mimicking the classic Morgan design, often produced in China or elsewhere.

• Reason to avoid: These are outright frauds, typically made of base metals with silver plating or low-purity alloys, offering zero real silver value or authenticity. They’re rampant in flea markets and online, leading to financial loss and legal issues if resold unknowingly.
• How much it will cost: You might be charged $20-$30 thinking it’s real, but its actual value is near zero.
• Reason why someone might buy it: As a cheap replica for display or educational purposes (e.g., to study counterfeiting), but only if knowingly purchased as such—never as an investment.